Welcome to the Bloom Energy 2021 annual meeting. I am now going to turn over the meeting to the Chairman of the Board and CEO of Bloom Energy, KR Sridhar.
Good morning ladies and gentlemen. I'm KR Sridhar, Chairman of the Board of Directors and CEO of Bloom Energy. It is my pleasure to welcome you to the 2021 annual meeting of stockholders of Bloom Energy Corporation. We appreciate your attendance, your interest, and more importantly, your support of Bloom Energy. It is now 9:00 A.M., and I would like to call this meeting to order. In light of the COVID-19 pandemic, and for the safety of our employees, directors, and stockholders, this years annual meeting is also being conducted in a virtual-only format. We designated the format of this years meeting to ensure that our stockholders who have logged into today's meeting using the control number will be afforded similar rights and opportunities to participate as they would at an in-person meeting.
In addition, we have allowed stockholders to provide questions prior to the meeting, which we will address in the Q&A portion of the meeting after the formal business has been concluded, unless the questions pertain to one of the proposals, in which case we will address it at that time. The meeting format will follow the agenda displayed on the virtual meeting website. We will first conduct the formal business portion of the meeting. During the meeting, questions from stockholders should pertain to the proposals being considered at that particular time. After the formal part of the meeting, we will adjourn, and I will review the company's recent business activities. Please reserve any questions pertaining to the business until this time. In order to ensure an orderly meeting, we ask that everyone follow the meeting rules of conduct and procedures posted on the virtual meeting website.
If you experience any technical difficulties during the meeting, please call the technical support number posted on the virtual meeting website. With me today is Shawn Soderberg, Bloom's Executive Vice President, General Counsel, and Secretary. Ms. Soderberg will act as the Secretary of this meeting. Also present at the meeting today are members of our Board of Directors whom I would like to introduce. However, before doing that, I would like to take a moment to recognize John Doerr, who is not standing for reelection this year. Over the last 19 years, John has made significant contributions to the company and the board, and we will miss his insight and counsel on the board.
John was the first investor in Bloom, and I cannot thank him enough for his belief in Bloom's innovative fuel cell technology, an energy server platform, its mission, and the constant support of me and the Bloom employee base. In fact, John has had such an impact on the company that we have created the John Doerr Measure What Matters awards in recognition of John's book and his values, which set forth a methodology for creating goal alignment within an organization. We practice the Measure What Matters methodology here at Bloom. One award will be given annually to a team of individuals based on recognition of a significant achievement they make during the year that positively impacted the business in a material manner, and another to an individual or team that positively impacted our community. Now, I would like to introduce our Lead Independent Director, Jeff Immelt.
Next, our Class III Director nominees, Michael Boskin and John Chambers. Our other directors in attendance today, in order of Board tenure, are Scott Sandell, Eddy Zervigon, General Colin Powell, and Mary Bush. I would like to take this opportunity to introduce our Bloom Leadership Team. I'll introduce the executives in order of tenure. Venkat Venkataraman, Executive Vice President, Engineering and Chief Technology Officer. Susan Brennan, Executive Vice President and Chief Operations Officer. Glen Griffiths, Executive Vice President for Quality, Reliability, Service, and Environmental Health and Safety. Sonja Wilkerson , Executive Vice President and Chief People Officer. Greg Cameron, Chief Financial Officer. Sharelynn Moore, Executive Vice President and Chief Marketing Officer. Carl Guardino, Executive Vice President, Government Affairs and Policy. Azeez Mohammed, Executive Vice President, International Business Development. We also have present today Scott Smith and J.D. Bugby from Deloitte & Touche LLP, the company's independent registered public accounting firm.
Our Inspector of Elections is Ms. Kris Vehicle, a representative of Broadridge Financial Solutions, who has been appointed as the Inspector of Elections for this meeting and has provided her report as Inspector of Elections prior to this meeting. At this time, I would like to ask our Corporate Secretary Shawn Soderberg to remind you of the ground rules for the meeting.
Thank you KR. The rules of conduct and procedure are set forth on the virtual meeting website, and we ask that they be followed throughout this meeting. As set forth in the meeting conduct and procedure, a stockholder can ask a question at any time during the meeting by typing the question into the Ask the Question field on the virtual meeting website and clicking Submit. Only appropriate questions relevant to the purposes of the meeting and the company's business will be addressed. In fairness to everyone who may have a question, we will limit each stockholder to two questions. The representatives of Deloitte are available to answer any audit-related questions from stockholders. KR's remarks today or our answers to questions may contain forward-looking statements, including expectations, projections, and other potential future events. The actual results may vary and may differ materially from those forward-looking statements.
So please refer to our proxy, our annual report on Form 10-K, and other filings. Finally, if a stockholder would like to review the list of stockholders eligible to vote at this meeting for any purpose relevant to the meeting, it is accessible on the meeting website.
At this time, I would like to ask Shawn to confirm that notice for this meeting was properly provided and that there are sufficient shares represented at this meeting either virtually or by proxy to constitute a quorum for the purpose of transacting business.
KR, I can report that notice of this meeting was duly given and that an affidavit of distribution has been provided. I have an affidavit of distribution certifying that notices of the annual meeting were mailed on March 31st, 2021. A copy of the notice of meeting and the affidavit of distribution will be incorporated into the minutes of this meeting. All stockholders of record at the close of business on the record date of March 16th, 2021, are entitled to vote at this annual meeting. As of the record date, there were 144,152,659 shares of Class A Common Stock and 27,784,284 shares of Class B Common Stock outstanding and entitled to vote. Each share of Class A Common Stock is entitled to one vote per share, and each share of Class B Common Stock is entitled to 10 votes per share.
And the holders of the Class A Common Stock and Class B Common Stock will vote together on each matter presented at this meeting. We were informed by the Inspector of Elections that there are represented at the meeting virtually or by proxy more than 50% of the voting power of all shares outstanding on the record date, and therefore a quorum is present today.
Shawn, thank you. This meeting is now duly convened for purposes of transacting such business as may properly come before it. Now, we'll go through the proposals and discussion. Proposal number one. The next order of business is a description of the matters to be voted on at today's meeting. We have four proposals to be voted on at the meeting by the stockholders of the company. Voting will commence after all proposals have been presented. If you have any questions regarding any of these proposals, please submit your questions through the virtual meeting website at this time. The first proposal is the election of two Class III Directors to serve a three-year term expiring at the 2024 annual meeting of stockholders and until their successors are duly elected and qualified.
The Board of Directors of the company has nominated the following individuals for election as Class III Directors: Michael Boskin and John Chambers. The company has an advance notice provision in its bylaws. Accordingly, all nominations are closed. The second proposal is an advisory non-binding vote to approve the frequency of the stockholder votes on the compensation of our named executive officers. The Board has recommended that this vote be held annually. The third proposal is an advisory non-binding vote to approve the compensation of our named executive officers. The fourth proposal is the ratification of appointment of the independent registered public accounting firm.
The audit committee of the Board of Directors has appointed Deloitte & Touche as the independent registered public accounting firm to audit the company's consolidated financial statements for the year ending December 31, 2021, and we are asking our stockholders to ratify this appointment as a matter of good corporate practice. We have not received any questions pertaining to either of these proposals. So it is now 9:13 A.M., and the polls are now open. I would now like to turn the meeting over to Shawn to handle the voting process.
Thank you KR. Stockholders attending this meeting can vote their shares online by clicking the Vote Here button on their screen. Stockholders who have voted their proxies by internet or by phone or who have sent in their proxy cards by mail do not need to vote again at this time unless they wish to change their earlier vote. I now ask that stockholders who have not yet voted or who wish to change their vote do so now through the virtual meeting website. We now appear to have completed all voting. It is 9:14 A.M., and I hereby declare the polls closed. The electronic votes and proxies will be held in the records of the Inspector of Elections. The Inspector of Elections has counted the votes received by proxy prior to the meeting and will count all votes received electronically at the meeting today.
KR, based on the preliminary report from the Inspector of Elections, I can report that Michael Boskin and John Chambers have been elected to serve as Class III Directors to serve a three-year term expiring at the 2024 annual meeting of stockholders. I can further report that the stockholders have selected that the frequency of the annual vote on named Executive Officer compensation be held annually, that the stockholders have approved the compensation of our named Executive Officers, and the appointment of Deloitte as the independent registered public accounting firm for the year ending December 31st, 2021, has been ratified by the stockholders. We will file the final report of the Inspector of Elections in the records of this meeting. We expect to report the results of the voting on a Form 8-K to be filed with the SEC within four business days of this meeting.
Shawn thank you. Thank you. And to the stockholders, thank you for attending today's meeting. The formal business of the meeting is completed, and the meeting is adjourned. I would now like to take this time to say a few remarks about the company, after which we will have a brief question and answer break. Good morning again, everyone, and thank you for joining us today for our third annual meeting of stockholders. I want to start by saying thank you all for your investment in Bloom Energy. Before going through our business and operational highlights for 2020, the key drivers of the business, and sharing our excitement about our journey today, let me first start with my appreciation to the remarkably resilient and dedicated team at Bloom Energy.
I want to again acknowledge the extraordinary work they have done over the last 15 months to not only execute well on our business but also support the fight against the coronavirus. Our employees have gone above and beyond through initiatives like refurbishing ventilators, rapid deploy of hospital power, inexpensive and fast turnaround COVID testing, and donation of a mobile vaccine unit. And as things have turned for the worse in India, we are stepping in to help there as well by providing new oxygen splitters for providing more oxygen using oxygen concentrators to patients, as well as ventilator splitters that we developed at Stanford University. Since day one, our mission at Bloom Energy has been to make clean, reliable, and affordable energy for everyone in the world.
Our innovative Energy Server platform has enabled us to execute on that mission and remain at the forefront of the disruption caused by the greatest paradigm shift in the energy industry since the Industrial Revolution: the shift to clean and resilient power in response to the increasingly urgent need to adapt to and fight the climate crisis. In times when the grid fails or shuts off due to emergencies caused by climate change, we offer a solution that ensures power continuity for communities and businesses. The Bloom Energy Server delivers on-site power with the strongest combination of sustainability and resilience benefits of any solution available in the marketplace. The Energy Server platform is the cornerstone to fulfilling our mission of providing the cleanest, most reliable, and most affordable primary energy source for our customers.
Over the years, we have continued to execute on our mission, all the while building a sizable technological lead through over 350 patents and thousands of trade secrets and know-hows. Our deep technical expertise has allowed us to build a sustainable competitive advantage with our energy server platform and become the strategic partner of choice to various blue-chip enterprises around the world as they work to mitigate the effects of climate change. To ensure a strong and sustained growth, we will forge strategic alliances with established companies in the energy ecosystem. The collaboration we announced last week with Baker Hughes is part of this strategy. Together, we will work on the deployment of integrated microgrid power generation, carbon capture, and hydrogen solutions that will enhance energy resilience and enable decarbonization in industrial sectors around the globe. There have been three areas of focus this past year.
First, we continue to develop and refine our advanced energy server platform and fuel cell technology for new applications and product markets that will help bring the world closer to a clean energy future. By using the same energy server platform, we are able to produce electricity by using biogas or hydrogen, address new applications like electrolyzers and carbon capture, and unlock new markets like marine. The key advantage we have in the market is that we are able to easily adapt our core technology platform for many different use cases across industries and can evolve the platform as the world moves towards decarbonization. Second, we have built an outstanding reputation as a provider of resilient, reliable baseload power, and never has our microgrid solution been more critical than now with grid outages and weather events.
Customers at home and abroad turn to Bloom to power their most critical infrastructure, from SoCalGas using Bloom's always-on microgrids at two of its largest Los Angeles facilities to SK E&C building its largest Bloom Energy project to date in South Korea, powering over 61,000 homes in Hwaseong and Paju. These projects, coupled with the fact that a majority of Bloom's sales volume comes from repeat customers, are tangible proof points of the trust our customers have in the Bloom Energy server as a reliable and resilient power solution. Third, we have aggressively driven down our product costs, which have resulted in savings to our customers and value to our stockholders. Since 2015, we have reduced our total product cost by nearly 60% and expect to continue to reduce costs aggressively in the future.
Our latest and most technologically sophisticated product, Bloom 7.5, is currently in pilot deployment and represents a step improvement over our 5.0 product and a leap over our Bloom 1.0 energy server. Compared to Bloom 1.0, Bloom 7.5 produces 7.5 times more power in the same footprint, has a three times longer lifespan, and costs six times less per kilowatt. Our progress brings us one step closer to achieving our mission of providing clean and reliable energy affordably. Despite incredible progress in the last few years, we believe we are still in the early innings of the clean power revolution. Tectonic shifts in societal behavior and government policy have accelerated momentum in clean energy, and Bloom is poised to benefit from these changes.
Regulators and government officials in all of the key geographies we operate or plan to operate in have mobilized their resources towards a future powered by clean energy. In South Korea, the government announced a Green New Deal that would invest $35 billion in renewable energy and environmentally friendly infrastructure with the aim to triple renewable power output by 2035. In Europe, the European Commission adopted a new hydrogen power strategy and made the European Green Deal the centerpiece of their COVID recovery program with the intent to restart their economy through renovating infrastructure, rolling out renewable energy projects, implementing a clean hydrogen economy, and establishing a cleaner transport network through building of over a million electric vehicle charging points.
In the United States, the Biden administration has proposed the American Jobs Plan, which would commit $2 trillion over the coming decade to upgrading American infrastructure, including $35 billion to funding clean energy research. I will now turn the discussion to our business and operational highlights from 2020 and our excitement about the journey ahead of us. 2020 was a record year for Bloom as we saw continued momentum in global customer demand and interest in our platform. We delivered record revenue and acceptances yet again, with nearly $800 million in revenue and 132.6 megawatts of acceptance. We also strengthened our balance sheet by issuing $230 million in green convertible bonds and retiring prior debt obligations. We exited 2020 with $300 million of recourse debt, approximately $117 million reduction in recourse debt from prior year, and with total cash of approximately $417 million.
As we strengthened our executive team by recruiting world-class leaders like CFO Greg Cameron, CMO Sharelynn Moore, EVP Policy and Government Affairs Carl Guardino, and EVP International Business Development Azeez Mohammed. We also published our first sustainability report that highlights the environmental and societal impact we have made as a company and through our energy server product offering. As part of our initiatives in 2020, we also embarked upon a series of investor education and outreach programs. These included subject-specific presentations on our hydrogen programs, our marine initiative, and our services business. We also held our first virtual investor day. We believe these types of outreach programs help explain our business model and strategic goals to both our current and prospective investors. We look forward to continuing to engage in such manner with our investors as we continue this journey together.
We anticipate a strong 2021 as we prepare to become a billion-dollar revenue company, complemented by expanding margins and our march towards operating cash flow positivity. Our combined systems and services backlog of $4.4 billion gives us high confidence in achieving our guidance. We see three key drivers behind our momentum. One, rising utility rates in domestic markets making Bloom's value proposition of cost and cost predictability more attractive to customers. Two, a growing demand for resilient microgrid power solutions to mitigate the frequently occurring power disruptions caused by natural disasters. Three, our ability to couple resiliency with sustainability ranging from low carbon power today with natural gas to zero carbon solutions using hydrogen and carbon capture in the future. There is no doubt that the need for resilient and sustainable energy solutions has continued to gain traction with our customers and is here to stay.
Businesses are realizing the landscape around us is changing, and clear action to address climate change is needed before it is too late. Our energy server platform addresses both the causes and the consequences of climate change. At Bloom, in the year ahead, we will focus our time and investment on the continued development of our energy server platform and building out additional manufacturing capacity. We will also focus on securing collaboration and partnerships to help us enter new markets and scale distribution faster. As we have announced, we are focused on five levers of growth. One, developing new applications and market opportunities in sectors with the dirtiest power and higher marginal emission displacement, such as marine. Two, commercializing the use of renewable natural gas, which is derived from waste sources, as fuel for our energy servers.
Three, research and development efforts that focus on preparing our energy servers to utilize renewable hydrogen fuel, a 100% clean fuel that produces no greenhouse gases and do the inverse of that, that is, using our platform to produce hydrogen. Finally, we are pushing technology and business model boundaries to pioneer viable and scalable carbon capture. I want to thank all of you for your continued support and interest in Bloom Energy. We are confident in our long-term strategy and our team's ability to execute. The coronavirus pandemic has accelerated the need for businesses to demonstrate resiliency and adaptability to protect themselves against macro disruptions and ensure business continuity. Our resilient energy server solution is ideally positioned to take advantage of this trend. Thank you for your time. We are committed to and confident of creating value for all of our stakeholders.
Thank you again, and now we will go to some Q&A.
I would now like to open the meeting for questions or comments by our stockholders. You are reminded that we will be following the rules of conduct and procedure set forth on the web portal. We ask that you restrict your remarks to the business of the meeting or the company, and that there will be a time limit of two questions per speaker. A stockholder can ask a question by typing the question into the Ask a Question field on the virtual meeting website, including Submit. We will also address the questions provided to the company prior to the meeting. We'll attempt to answer as many questions as time allows. All right, so we do have a number of questions that have come in.
This first question I'm going to ask our Chief Marketing Officer, Sharelynn Moore, to answer. Sharelynn, how does Bloom plan to play in the hydrogen economy?
Bloom is really excited about the potential that we have in the hydrogen economy. We're excited about the opportunity that hydrogen plays in decarbonization and the goals laid out around countries around the world. In fact, the Hydrogen Council estimates hydrogen will make up 18% of final energy demand by 2050. Our proven technology platform allows us the flexibility to utilize various fuels to easily convert hydrogen into electricity or to be able to generate hydrogen as well through our electrolyzer. Our hydrogen fuel cells run on pure hydrogen and provide 24/7, always on power without harmful emissions.
They offer superior efficiency compared to other fuel cell technologies, and they leverage the same core platform that for decades we've had experience and the testing behind it. Our development roadmap has our first commercial project shipping later this year for 600 kilowatts, followed by an additional 1.2 megawatts that will ship in 2022. We are already currently deploying and demonstrating our hydrogen fuel cell in Korea today. Our solid oxide electrolyzer is an efficient way to create hydrogen to produce clean fuel for carbon-free power generation, injection into the natural gas pipelines to green the pipelines, or for use in industrial processes. Bloom Energy's electrolyzer requires less electricity to create hydrogen than alternative electrolyzer technologies, thereby offering a very superior efficiency and a more superior solution. Green hydrogen has huge potential as a carbon-neutral energy solution. We can produce green hydrogen when utilizing electricity from excess renewables.
This technology is highly flexible in its application. It can be employed to create hydrogen from multiple generation sources, allowing us to adapt to whatever the macro fuel environment is. Finally, as Cameron mentioned earlier, our announcement with Baker Hughes is another example of what a powerful strategic partnership can yield. By coupling Baker Hughes compressor technology with Bloom Energy's electrolyzer technology, we can commercialize and deploy integrated power generation and hydrogen solutions to decarbonize industrial sectors around the globe. Again, we're really excited about clean hydrogen offerings and our growing list of strategic relationships, which enable us to capture a portion of the $300 billion addressable hydrogen market. We'll be looking to hold a hydrogen-focused investor briefing very soon, so we'll be releasing that schedule in coming days. Thank you.
Okay KR, this question is, I think, appropriate for you.
What are you doing to increase the diversity on the board?
That's a great question. We strongly believe in diversity, not just on our board, but throughout the company. We believe we have a very diverse and strong board today when it comes to age, ethnic background, and gender. Currently, 50% of our board is composed of ethnic minorities. We recognize that diverse leadership contributes to diversity of experiences and viewpoints, and that ultimately leads to more informed and better decisions. The Nominating Governance and Policy Committee of the Board is responsible for identifying and evaluating these candidates for membership and recognizes fully the value of diversity and considers how a candidate may contribute to the board in a way that can enhance our perspective, our judgment, using the background that they come in.
What I can assure you is we will not only comply with the regulatory requirements for diversity, but go above and beyond that to embrace diversity because we really believe it's a strength.
Thank you KR. Sharelynn, I have another one for you. Can you please provide an update on your progress to install Bloom servers on ships, and do you have any plans to install Bloom servers on trains?
Great, thank you, Shawn. Fuel cell-powered ships really propose a lot of potential to decarbonize the marine shipping industry. It would eventually. Fuel cells could virtually eliminate harmful air pollution, including sulfur dioxide, nitrogen dioxide, and particulate matter. This can be achieved with only negligible methane slip and will accomplish sharply reduced CO2 emissions. Superior energy efficiency will also reduce fuel consumption. The modularity of our fuel cell improves the flexibility of ship design and increases power reliability.
Each design win will open up a new addressable market from cargo vessels of all sizes to cruise ships of all sizes. And as the underlying technology is the same, we can quickly expand upon prior wins. We've previously announced a joint development agreement with Samsung Heavy Industries, with whom we're working to realize the potential of fuel cell-powered shipping. We have the certification process underway. Classification societies like the ABS, or American Bureau of Shipping, require a series of tests, like tilt tests, vibration tests, to be granted so that you receive a designation of NTQ, New Technology Qualification. This is the process we have underway this year. The plan is to do simulation testing to receive these qualifications and certifications in 2021, while we move to on-water demonstrations in 2022. Thereafter, we believe we'll be in the position to ramp fuel cell-powered shipping in 2023.
The testing of fuel cells, as I mentioned, is underway and will continue to update you as additional milestones are achieved. At this time, we're also taking a look at trains. We see applicability there as well and are keeping a very close eye on this market as it develops. And like we are looking at in multiple other areas, partners are really a key for us to penetrate new verticals and applications as partners bring the segment or industry-level expertise while our core technology can help them provide decarbonization and refinance solutions.
Thank you Sharelynn. KR, we have a question here on policy. Assuming passage of legislation that pays for new infrastructure at seaports and airports, will anything be done to facilitate future delivery of hydrogen to these facilities?
Yeah, that's a great question that dovetails to what we're doing with the ships.
But the ships, both load and unload on ports, and any one of you that has lived close to a port understands that it's highly polluting today. It is the dirtiest of diesels that get burned, whether it is for that immediate power or whether it is for all the trucks and all the forklifts and everything else that operates around there. And all these applications, whether it's the long-haul trucks, whether it's the forklifts, whether it's the power there, the stationary power that's needed, can utilize hydrogen in a clean way. President Biden's plan calls for $25 billion to upgrade American ports, inland waterways, and another, sorry, $17 billion for that, another $25 billion to renovate airports. And clearly, there's an opportunity working with the administration to make sure that hydrogen becomes an integral part of this story.
Now, with respect to retrofitting such factories, President Biden's plan proposes funding for 15 commercial-scale, low-carbon hydrogen demonstration projects. Definitely, ports, airports, as well as large industrial facilities should be part of this, such as TMLs and fertilizer plants. They can be fueled by hydrogen. The plan also calls for, because it's a new entrant into the market, it calls for ways to incentivize the adoption of hydrogen, and President Biden's plan calls for production tax credits for hydrogen, and we have seen several proposals in the House and Senate all calling for creating tax credits for green hydrogen to be introduced in the coming months. These laws and legislations should come forth and will send a clear market signal both to the consumers of this hydrogen as well as for companies like ours that develop these technologies to move forward and accelerate.
Thank you.
So I think we have a question that's come in that should be for our Chief Financial Officer, Greg Cameron. Greg, does Bloom still have $1 billion or more in backlog orders?
Thanks, Shawn. We only provide our bookings and backlog once a year. What I can say, though, is in our early-stage pipeline, we are seeing an increase in our commercial momentum for our current product, the always-on energy server offering 24/7 resilient baseload power. But a greater percentage of larger megawatt opportunities in that pipeline. That pipeline reflects the changes we've made to include new states, international, and we've been focusing on larger transactions. We're encouraged by the progress the team's making, and we look forward to moving these and some additional opportunities through the pipeline and into bookings.
Thank you Greg. KR, here's another question for you.
Will the Energy Server ever be offered for individual residential use?
So if you look at the question in the following way, can Bloom Power come into your residence? The answer is yes. Okay? We are doing that currently, and we are doing that today with these community programs, community distributed generation programs in communities that allow us to do that. If your local community is not allowing you to do that, please go lobby for it. It is the best thing you can do, not only for yourself, but for—think of the environmental justice for people living in rental homes, for people that cannot afford to have a solar on their roof. They deserve clean energy too, and the way we can get clean energy to them is to have one common Bloom Server producing clean, reliable electricity and offering it to them.
If your local community is standing against it, go and ask your legislators, your regulators, why are they standing against progress? So we would love to be in your community. That's the right way to do it. We are looking forward to working with each and every one of your communities to bring Bloom Power into your homes.
Great. Looks like we have one last question here and KR this is for you as well. Are there any plans to take Bloom Energy to the Indian market?
We are currently in India, operating for a few years for one of our large customers here in the US who wanted reliable power. It is a country that really needs the Bloom solution, whether it is energy affordability, whether it is energy availability, accessibility, reliability, or clean. They need all of those things out there.
The gas infrastructure, the pipeline infrastructure, is just beginning to get mature out there. But think about this. The predominant form of renewable energy in India is people collecting wood and burning it to stay warm, to cook their food. You're all probably reading the news of the pandemic. Imagine that air quality for people who are gasping for breath. Our solution is really a savior for good health immediately as well as the long term and bringing power to them. We are dedicated to markets like that. It's part of our mission. We hope in the next few years to grow our market there pretty strongly as the country emerges out of this pandemic.
Great. Okay, there are no further questions. We're going to conclude the meeting today. I want to thank all of you who have attended this meeting and for your interest that you've shown in Bloom Energy.
Thank you very much. We appreciate your continued support. I'll end this meeting. Adjourned.